Financial technology platform GCash said on Wednesday its “inclusive growth” services have grown over the last six months, adding that this momentum pushes the company to “offer more innovations” moving forward.
Martha Sazon, the company’s president, said GSave, the savings product of GCash, has almost doubled its assets under management (AUM) to P9 billion from P5 billion “in just six months.”
GInvest, the investment product of GCash, was able to “capture 70 percent of the domestic market of total Unit Investment Trust Fund accounts” in just six months.
GInsure, the micro insurance service of GCash, now “accounts for a third of all new insurance policies issued in the Philippines.”
Also, GCredit, the company’s in-house lending service, now disburses an average of P1 billion worth of credit per month. As of end-June it has disbursed a total of P15 billion worth of credit to users.
“As a driver of financial inclusion, our objective is clear, and that is to ease the friction being experienced by unbanked and underserved Filipinos. That said, we are also a highly collaborative institution. Financial organizations that share the same vision are welcome to partner with us; we seek to enable rather than compete with them as we work towards financial inclusion” Sazon said.
GCash is piloting GLoan, a new service that allows qualified users to borrow as much as P25,000, with repayment spread over 12 months.
Sazon said the service is “doing well and has shown the fastest growing revenue for its category.”
GCash is the largest mobile wallet in the Philippines with over 46 million users.
“We have enjoyed massive growth in our financial services through innovative fintech solutions and strategic partnerships, regardless of licenses. We also have the edge on experience and technology as we’ve been promoting financial services since we started. We have a very positive growth outlook in the years to come,” Sazon said.